TNW Sites

Bitcoin passes $1,000 mark for the first time, up over 62% in a week

Bitcoin hit a new milestone today, passing the $1,000 mark for the first time. The virtual currency is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest exchanges.

Last week, Bitcoin’s high for the day was $632. That means its trading value has surged 62.83 percent in a week, assuming we’re looking at just its high points. That figure could of course rise even further if Bitcoin continues to push further up throughout the day.

That’s certainly possible; in the last month or so, the virtual currency seems to have seen no bounds. At the same time, it has also fluctuated quite a bit: less than three weeks ago it was still in the $200 range.

Bitcoin fell quite significantly (to about $110) on October 3 after the FBI shut down Silk Road, an online black market that depended on the currency. Now it’s almost 10 times that value, less than two months later.

It’s worth noting that the price on Mt. Gox is often inflated because of the sheer volume of trading on the exchange as well as the difficulty at times to convert back to USD. To give you a bigger picture, here are a few of the most recent trades on other exchanges, courtesy of Bitcoin Watch:

Most exchanges are still well below the $1,000 mark. If, however, Bitcoin continues its overall trajectory on Mt. Gox, others will likely follow.

That being said, it’s important to remember that Bitcoin was in the double digits earlier this year. Many believe it is currently overvalued, while others seem to think this is only the beginning. Either way, it is still fluctuating drastically, with no stabilization in sight.

Emil was a reporter for The Next Web between 2012 and 2014. Over the years, he has covered the tech industry for multiple publications, including Ars Technica, Neowin, TechSpot, ZDNet, and CNET. Stay in touch via Facebook, Twitter, and Google+.